Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1887-12-12
The Presidents Message

and other topics usually discanted
upon. and touched upon only one
subject. viz, the revenues of the
country. of course referring to tarlff
and free trade. After speaking OF
the fact that the revenues exceed the
necessary expenditures, and calling
attention to the evils which naturally
grow out of a plethora in the
treasury, he continues:
son the 30th day of June, 1886, the
excess of revenues over public ex-
penditures. after complying with the
annual requirement of the sinking
fund act. was ST.. S29, 1854; dur
ing the year ended June 80, 1886,
such excess amounted to $40, 4O3,-
645.2O: and during the year ended
June 30. 1897, it reached the sum OF
So. 597. S49.54. The annual cOntri-
buttons to the sinking fund during
the three years above specified,
amounting in the aggregate to $685.
Sos. 32O.94. and deductions from the
surplus as stated, were made by call
ing in for that purpose outstanding
, per cent bonds of the government.
During the six months prior to June
3Oth, 1887, the surplus revenue had
grown so large that the sum of $751;
S64. 100 of such surplus was applied
to the payment of the principal and
interest of the three per cent bonds
still outstanding and which were then
PAYABLE at the option of the govern
ment. The precarious condition of
financial affairs among the people
still needing relief the sum of S10,-
ST.. 800, were called in, to be applied
to the sinking fund contribution for
the current fiscal year afterwards.
Notwithstanding these operations of
the treasury department, representa-
tions of distress in business circles
not only continued but increased and
absolute peril seemed at hand. In
| these circumstances the contribution
to the sinking fund for the current ifs
cal wear was at once completed by
the expenditure of S27, 684, 283. 80 in
the purchase of government bonds
not vet due bearing four and four-and-
a-half per cent interest, the premium
thereon averaging about "a per cent
for the former and eight pei cent for
the latter.
While the expedients thus employ
ed to release to the people the money
living idle in the treasury served to
avert immediate danger, our surplus
revenues have continued to accumu-
late, the excess of the present year
amounting on the first day of Deem
Der to so. 25S, 7O1.19, and estimated
to reach the sum of S113, 900, 900 on
the 3Oth day of June next, at which
date it IS expected that this sum add
ed to prior accumulations will swell
the surplus in the treasury to $40
OOO, 900.
There seems to be no assurance
that, with such a withdrawal from
use of the peoples circulating medi
UNI. our business community may moi
in the near future be subjected to the
same distress which was quite lately
) produced from the same cause, anC
: while the functions of our nationa
treasury should be few and simple, anC
D while its condition would be reached
, it is believed by its entire disconnec
ton with private business interest
! vet, when by a perversion of its pur
5 poses it idly holds money useiessl1
! subtracted from the channels o
5 trade, there seems to be reason 70
Q the claim that some legitimate mean
should be devised by the government
. to restore in an emergency, withOu
waste or extravaganza, such none
. to its place among the people, if sue
an emergency arises there now exist
no clear and undoubted executiv
= power of relief. Heretofore the re
demption of per cent bonds, whic
- were payable at the option of tn
government, has afforded a means 70
= the disbursement of the excess 0
revenues, but these bonds have a
been retired, and there are no bond
. outstanding the payment of which W
have the right to insist upon
/ The message proceeds to show tina
It it will be impossible at present t
d purchase any more bonds, thereby re
II leasing any portion of the surplus
/ and he sees no way to avert what ma
V seem a threatening danger, excep
J. by reducing the revenues. Afte
n suggesting that it would be unwis
l. ] anu udueClOuS " luaAC CAlAdf = al
= appropriations to use up the surplus
= the president reminds congress tia
n only in them is vested the power t
II remove the so-called difficulties b
appropriate legislature. Speaking c
the tariff and the internal revenu
Z. system, he says:
d 'sOur schemes of taxation, by mean
/ Of which this surplus is taken fror
> the people and put into the publ
3 treasury, consists of a tariff or dut
:, levied upon importations from abroad
It and internal revenue taxes levied up
&c on the consumption of tobacco an
e spirituous and malt liquors. 1t mus
e be conceded that none of the thing
subjected to internal revenue taxatio
S are, strictly speaking, necessarie:
n There appears TO be ne just complain
i Of this taxafio0 bv the consumers r